HomeMy WebLinkAbout5E 2018 4th Quarter Investment Report
4646 Dakota Street SE
Prior Lake, MN 55372
CITY COUNCIL AGENDA REPORT
MEETING DATE: JANUARY 22, 2019
AGENDA #: 5E
PREPARED BY: JASON ETTER, ACCOUNTING MANAGER
PRESENTED BY: CATHY ERICKSON, FINANCE DIRECTOR
AGENDA ITEM: CONSIDER APPROVAL OF 4TH QUARTER 2018 INVESTMENT REPORT
GOAL AREA
AND OBJEC-
TIVE:
High-Value City Services
1. Establish financial stability for all funds.
DISCUSSION: Introduction
The purpose of this agenda item is for the Council to consider approval of the in-
vestment report for the fourth quarter of 2018.
Current Circumstances
Staff has prepared a list of investments as of December 31, 2018. The Investment
Report Summary Narrative provides some supplementary information with respect
to the investments currently held and the allowable forms of investments permitted
by Minnesota Statute.
The investment software provides the ability to generate reports and charts by bro-
ker, security type, maturities, etc. The software also enables staff to track interest
earned on an accrual basis versus a cash basis as well as changes in market
value.
Conclusion
The City Council should approve the quarterly investment report.
ALTERNATIVES: 1. Motion and second as part of the consent agenda to approve the 2018 4th
Quarter Investment Report as submitted.
2. Motion and second to remove the Investment Report from the consent agenda
for additional discussion.
RECOMMENDED
MOTION:
Alternative 1.
2
INVESTMENT REPORT SUMMARY NARRATIVE
The attached “Investment Portfolio – by Security Type” identifies the various types of investments and
the brokers/banks the City of Prior Lake uses for investment purposes.
As of December 31, 2018, the balance of the investment portfolio is $36,811,647. This is a decrease
of $1.8M from September 30, 2018.
The ‘weighted average yield to maturity at cost’ of the investment portfolio is currently 2.30% which is
an increase from 2.12% as of September 30. The yield will fluctuate due in part to the balances that
are in the short-term money market accounts and the very low rate that is paid on money market
funds. At the end of December, the balance in the 4M money market was $9.5M.
It continues to be challenging to find competitive rates for short-term investments---30 to 120-day ma-
turities. These short-term securities are necessary to meet cash flow needs for payments to vendors
(including construction contracts) and payroll. The following table shows the treasury rates for the 4th
quarter of 2018 compared to the previous two years:
As rates decrease, the market value of the existing securities will increase. As of December 31, 2018,
the market value of the portfolio is less than the cost of the investments by $331K. The change in the
fair value of the securities is adjusted against interest earnings in each of the funds. This is a paper
loss for the fourth quarter of 2018; no actual gain is realized because the City holds the securities until
maturity.
3
During the fourth quarter of 2018, the chart below shows how rates, especially mid to long-term secu-
rities, have remained flat. Current long-term rates being offered by financial institutions continues to
be very low.
As the attached chart titled Investment Portfolio – Diversification, by Maturity Range indicates, approx-
imately 28% or $10.2 million matures within 1 month. Of that total, $9.5 million is in the 4M invest-
ment pool which is currently generating the highest money market interest rates. These funds will be
invested as the appropriate security (type, rate, and maturity) becomes available. Staff continues to
look for opportunities to invest our short-term funds. Revision to the City’s investment policy is cur-
rently being reviewed for possible updates.
The City’s investment portfolio amount is a pool of funds identified on the monthly Treasurer’s Report.
As shown on the September Treasurer’s Report, the balance of cash and investments, is $37.9M. Of
this balance, $36.8M is investments and $1.1M is cash. Because City funds are pooled for investment
purposes, interest is allocated to each fund monthly, and is based upon each individual fund’s propor-
tionate share of the total amount. Overall, the total investment pool does not represent excess re-
serves but rather available financial resources. In most instances, these funds were established and
restricted for specific and designated purposes by either Minnesota Statutes or City Code to accom-
plish the goals and objectives of the City. The constraints for each of the funds are noted on the
Treasurer’s Report.
Investments for local governments are restricted to only those permitted by Minnesota Statutes. Per
the City of Prior Lake Investment Policy, the City has chosen to limit its allowable investments as fol-
lows:
1. Bonds, notes certificates of indebtedness, treasury bills or other securities
now or hereafter issued by the United States of America, its agencies and al-
lowable instrumentalities;
2. Interest bearing checking and savings accounts, or any other investments
constituting direct obligations of any bank;
4
3. Certificates of deposit at state and federally chartered institutions that are lim-
ited to the amount of coverage provided by the Federal Deposit Insurance
Corporation;
4. Money market accounts that are invested in above referenced government se-
curities;
5. State and local securities which have at the time of investment one of the
three highest credit ratings by a nationally recognized rating agency;
6. Investments may be made only in those savings banks or savings and loan
associations the shares, or investment certificates of which are insured by the
Federal Deposit Insurance Corporation;
7. Investment products that are considered as derivatives are specifically ex-
cluded from approved investments.
The breakdown of all security types held by the City is shown graphically in the attached document
titled Investment Portfolio – Diversification, by Security Type.
The investment policy also requires that all investment maturities shall not extend beyond ten (10)
years with no more than 20% maturing beyond five (5) years.
Change
from one
12/31/2017 3/31/2018 6/30/2018 9/30/2018 12/31/2018 year prior
Market Value 7,290,033 4,285,583 8,832,074 13,268,206 10,231,597 2,941,564
1 1 1 1 1 0
0.93%1.00%1.41%1.75%2.01%1.08%
Fixed Income Assets
23,156,766 24,503,598 23,651,598 25,316,943 26,580,050 3,423,284
23,040,955 24,242,681 23,294,942 24,895,694 26,249,015 3,208,060
919 922 863 920 929 10
606 651 605 678 716 110
2.01%2.13%2.16%2.31%2.42%0.41%
Total Portfolio Value
30,446,799 28,789,181 32,483,672 38,585,149 36,811,647 6,364,848
30,330,988 28,528,264 32,127,016 38,163,900 36,480,612 6,149,624
125,748 102,208 112,312 105,654 129,632 3,884
(115,811)(260,917)(356,657)(421,249)(331,035) (215,224)
699 785 628 604 670 (29)
461 554 440 445 517 56
1.75%1.96%1.96%2.12%2.30%0.55%
BENCHMARK
90 Day T-Bill 1.39%1.73%1.93%2.19%2.45%1.06%
1.53%1.93%2.11%2.36%2.56%1.03%
1.76%2.09%2.33%2.59%2.63%0.87%
Weighted Average Yield to
Maturity @ Cost
CITY OF PRIOR LAKE, MINNESOTA
Quarterly Investment Report
December 31, 2018
Local Government
Investment Pools /
Money Market
Quarterly
WAM (1) in Days
Weighted Average Yield to
Maturity
Cost Value
Market Value
WAM (1) in Days
WAM / Callable (1) in Days
Weighted Average Yield
to Maturity @ Cost
6 Month Treasury
1 Year Treasury
Cost Value
Market Value
Accrued Interest
Unrealized Gain / Loss
WAM (1) in Days
WAM / Callable (1) in Days
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
Cash - 755,219 1 2.05%
Certificate of Deposit 2.378 12,849,000 980 34.90%
FHLB Bond 1.997 1,000,000 945 2.72%
FHLMC Bond 2.075 3,715,000 846 10.09%
FNMA Bond 1.824 1,900,000 945 5.16%
LGIP 2.166 9,476,377 1 25.74%
Municipal Bond 2.887 7,116,050 868 19.33%
Total / Average 2.303 36,811,646 670 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Security Type
December 31, 2018
Description
City of Prior Lake - Quarterly Investment Report
YTM @
Cost Cost Value
Days to
Maturity
% of
Portfolio
0-1 Month 2.006 10,231,597 1 27.79%
1-3 Months 3.887 1,360,000 41 3.69%
3-6 Months 1.617 738,000 124 2.00%
6-9 Months 1.704 1,489,707 236 4.05%
9-12 Months 2.438 980,000 330 2.66%
1-2 Years 2.094 5,332,013 598 14.48%
2-3 Years 2.100 7,182,848 895 19.51%
3-4 Years 2.551 5,089,702 1,307 13.83%
4-5 Years 3.085 3,922,434 1,683 10.66%
5-10 Years 3.140 485,345 1,977 1.32%
Total / Average 2.303 36,811,646 670 100.00%
CITY OF PRIOR LAKE, MINNESOTA
Investment Portfolio - Diversification, by Maturity Range
December 31, 2018
Description
City of Prior Lake - Quarterly Investment Report
DescriptionCUSIP/Ticker Settlement Date YTM @ Cost Face Amount/Shares Cost Value Book Value Market Value Maturity Date Days To Maturity Accrued Interest % of PortfolioCash - Northland Securities CashCASH584506/30/20120.00050,962.18 50,962.18 50,962.18 50,962.18N/A10.14Morgan Stanley CashCASH508912/31/20100.0001,026.99 1,026.99 1,026.99 1,026.99N/A10.00Oppenheimer CashMM990512/27/20110.000703,230.10 703,230.10 703,230.10 703,230.10N/A11.91Sub Total / Average0.000755,219.27 755,219.27 755,219.27 755,219.2710.002.05Allegiance Bank TX 2.2 11/3/202201748DAY211/03/20172.200245,000.00 245,000.00 245,000.00 234,322.90 11/03/20221,403413.480.67Ally Bank 1.95 10/19/202002006L6D010/19/20171.950149,000.00 149,000.00 149,000.00 146,288.20 10/19/2020658581.100.41Ally Bk, Midvale, UT 1.25 9/3/201902006LL6809/01/20161.25096,000.00 96,000.00 96,000.00 95,041.92 09/03/2019246397.810.26American Exp BK FSB, UT 1.95 7/17/201902587CAF707/17/20141.950245,000.00 245,000.00 245,000.00 244,235.60 07/17/20191982,185.870.67Amex Centurion, Salt Lake City UT 2.2 12/11/2019 02587DWX2 12/11/20142.200245,000.00 245,000.00 245,000.00 243,601.05 12/11/2019345295.340.67Apex Bank 1.85 4/26/202103753XAU410/25/20171.850245,000.00 245,000.00 245,000.00 238,105.70 04/26/202184774.510.67Bank of New England 3.25 7/31/202306426KAN807/31/20183.250245,000.00 245,000.00 245,000.00 242,128.60 07/31/20231,6730.000.67Bankwest SD 1.5 3/30/2023-1706652CFN603/30/20161.500245,000.00 245,000.00 245,000.00 232,887.20 03/30/20231,55010.070.67Barclays Bk Delaware 2.3 10/18/202206740KLD710/18/20172.300245,000.00 245,000.00 245,000.00 235,452.35 10/18/20221,3871,142.440.67Bridgewater Bank 3.1 9/26/2022108622HC809/26/20183.100245,000.00 245,000.00 245,000.00 242,559.80 09/26/20221,365104.040.67Capital BK3.15 10/28/2022139797HC110/29/20183.150245,000.00 245,000.00 245,000.00 242,736.20 10/28/20221,39742.290.67Capital One Bank Glen Allen VA 2.25 9/30/2020140420WD809/30/20152.250245,000.00 245,000.00 245,000.00 241,988.95 09/30/20206391,389.450.67Cathay Bank 1.7 3/25/2019149159LJ209/25/20171.700245,000.00 245,000.00 245,000.00 244,581.05 03/25/20198468.470.67CF Bank 3.15 9/18/202315721UCQ009/18/20183.150245,000.00 245,000.00 245,000.00 240,800.70 09/18/20231,722274.870.67Citibank Sioux Falls 3.15 7/25/202217312QP8607/24/20183.150245,000.00 245,000.00 245,000.00 243,397.70 07/25/20221,3023,383.010.67City National Bank 3.05 8/8/202217801GBU208/06/20183.050245,000.00 245,000.00 245,000.00 242,469.15 08/08/20221,316511.820.67Comenity Bank 2.4 6/7/202220036DZV206/07/20172.400200,000.00 200,000.00 200,000.00 191,732.00 06/07/20221,254381.370.54COMENITY BK SALT LAKE CITY UT 2.6 11/24/2021 20033AJN711/26/20142.600245,000.00 245,000.00 245,000.00 241,638.60 11/24/20211,05987.260.67Enerbank USA, UT 2.25 8/28/202029266NB4808/28/20142.250245,000.00 245,000.00 245,000.00 242,243.75 08/28/20206061,887.840.67Farm Bur Bank 1.7 2/7/2020307660KT611/08/20171.700245,000.00 245,000.00 245,000.00 242,172.70 02/07/2020403262.450.67First Farmers 1.85 4/8/2021-18320165JB009/08/20171.850245,000.00 245,000.00 245,000.00 238,294.35 04/08/2021829285.610.67First United Bk & Trust 3.3 9/26/2023-1933742CAC109/26/20183.300245,000.00 245,000.00 245,000.00 242,398.10 09/26/20231,730110.750.67GE Cap Bk Inc Retail 2.55 7/19/202136161TS4807/18/20142.550150,000.00 150,000.00 150,000.00 148,198.50 07/19/20219311,739.590.41GE Cap Ret BK, Draper UT 2.65 3/29/202136157QXM403/28/20142.65096,000.00 96,000.00 96,000.00 95,075.52 03/29/2021819655.170.26GE CAPITAL, UT 2.6 9/21/202036157QQQ309/20/20132.600150,000.00 150,000.00 150,000.00 148,579.50 09/21/20206301,089.860.41Goldman Sachs 2.4 9/6/202238148PPC509/06/20172.400245,000.00 245,000.00 245,000.00 236,802.30 09/06/20221,3451,868.710.67Harden County 3.1 9/28/2023412022CJ209/28/20183.100245,000.00 245,000.00 245,000.00 240,205.35 09/28/20231,73262.420.67Industrial & Coml NY 2.65 2/14/202345581EAR202/14/20182.650245,000.00 245,000.00 245,000.00 237,326.60 02/14/20231,506302.390.67Iowa State Clarksville 3.15 9/28/202346256YAY509/28/20183.150245,000.00 245,000.00 245,000.00 240,761.50 09/28/20231,7321,987.520.67JP Morgan Chase Step 5/30/2023-1848126X3R405/30/20172.804245,000.00 245,000.00 245,000.00 240,477.30 05/30/20231,611431.940.67KS State Bank Manhattan 2.1 5/17/202250116CBE811/17/20172.100245,000.00 245,000.00 245,000.00 235,606.70 05/17/20221,233197.340.67Live Oak Banking Co 2.4 3/9/2020538036DK703/09/20182.400245,000.00 245,000.00 245,000.00 243,885.25 03/09/2020434483.290.67Marine Bank 3 1/18/202256817TAH407/18/20183.000245,000.00 245,000.00 245,000.00 243,422.20 01/18/20221,114261.780.67Marlin Business Bk 1.95 5/17/202157116AQG611/17/20171.950245,000.00 245,000.00 245,000.00 238,451.15 05/17/2021868183.250.67Merrick Bank2.2 11/8/202259013JD7111/08/20172.200245,000.00 245,000.00 245,000.00 234,259.20 11/08/20221,408339.640.67Morgan Stanley Bk 2.45 1/25/202161747MG9601/25/20182.450245,000.00 245,000.00 245,000.00 241,971.80 01/25/20217562,614.790.67MS Private Bank 3.55 11/8/202361760ARS011/08/20183.550245,000.00 245,000.00 245,000.00 244,086.15 11/08/20231,7731,262.920.67National Cooperative Bank3.4 12/21/2023635573AL212/24/20183.400245,000.00 245,000.00 245,000.00 243,010.60 12/21/20231,816159.750.67Nationwide Bank 1.85 2/28/202063861NAK111/30/20171.850245,000.00 245,000.00 245,000.00 242,388.30 02/28/202042412.420.67NBT Bank, NY 2.1 8/27/2019628779FP008/27/20142.100245,000.00 245,000.00 245,000.00 244,034.70 08/27/20192391,776.080.67Northwest Bank 2 4/29/202266736ABJ711/10/20172.000245,000.00 245,000.00 245,000.00 235,048.10 04/29/20221,2150.000.67Peoples United1.6 5/10/201971270QQW9 05/10/20171.600248,000.00 248,000.00 248,000.00 247,194.00 05/10/2019130554.430.67Pinnacle Bank 1.85 2/26/202172345SFT308/30/20171.850245,000.00 245,000.00 245,000.00 238,698.60 02/26/20217880.000.67Sallie Mae Salt Lake Cty 1.7 10/25/2019795450F2610/25/20171.700245,000.00 245,000.00 245,000.00 243,130.65 10/25/2019298764.530.67Southern Sts Bk 2 4/20/2021843879BB212/20/20172.000245,000.00 245,000.00 245,000.00 238,982.80 04/20/2021841147.670.67Spring Bank3.25 10/24/2023849430AY910/24/20183.250245,000.00 245,000.00 245,000.00 241,660.65 10/24/20231,758152.710.67STATE BK INDIA NEW YORK NY 2.6 12/6/20218562843H512/05/20142.600245,000.00 245,000.00 245,000.00 240,707.60 12/06/20211,071453.750.67CashCertificate Of DepositCITY OF PRIOR LAKE, MINNESOTAInvestment Portfolio - By Security TypeDecember 31, 2018
TCF Sioux Falls SD 1.6 11/8/2019872278Q8211/08/20171.600245,000.00 245,000.00 245,000.00 242,809.70 11/08/2019312569.210.67Third Federal Savings 1.9 9/15/202088413QBQ009/15/20171.900245,000.00 245,000.00 245,000.00 240,697.80 09/15/20206241,364.620.67UBS Bank USA 3.25 10/17/202290348JEG110/17/20183.250245,000.00 245,000.00 245,000.00 243,686.80 10/17/20221,386305.410.67WebBank 2 9/28/2020-17947547JR709/28/20172.000245,000.00 245,000.00 245,000.00 240,947.70 09/28/202063740.270.67Webster 5 Cnts 1.55 9/17/2021-1794789PBV503/18/20161.550245,000.00 245,000.00 245,000.00 234,707.55 09/17/2021991135.250.67Wells Fargo SF 1.6 5/10/2019949763GU405/10/20171.600245,000.00 245,000.00 245,000.00 244,203.75 05/10/2019130225.530.67Wex Bank 2.7 4/23/202092937CHR207/23/20182.700245,000.00 245,000.00 245,000.00 244,593.30 04/23/20204792,917.850.67Whitney BK - MS 1.65 4/22/2019966594AY904/20/20171.650245,000.00 245,000.00 245,000.00 244,365.45 04/22/2019112797.420.67Sub Total / Average2.37812,849,000.00 12,849,000.00 12,849,000.00 12,629,053.6498037,747.3634.95FHLB 2 4/25/2022-193130ACKK910/25/20172.000500,000.00 500,000.00 500,000.00 490,440.00 04/25/20221,2111,833.331.36FHLB Step 11/9/2020-183130ACPF511/09/20171.993500,000.00 500,000.00 500,000.00 498,050.00 11/09/20206791,444.441.36Sub Total / Average1.9971,000,000.00 1,000,000.00 1,000,000.00 988,490.009453,277.772.72FHLMC 2 11/30/20203134G3VF405/30/20122.0001,790,000.00 1,790,000.00 1,790,000.00 1,770,202.60 11/30/20207002,983.334.87FHLMC Step 5/22/2020-173134GBNG3 05/22/20172.482475,000.00 475,000.00 475,000.00 474,164.00 05/22/20205081,415.101.29FHLMC Step 7/19/2022-173134GBVF607/19/20172.240750,000.00 750,000.00 750,000.00 741,735.00 07/19/20221,2966,750.002.04FHLMC Step 8/24/2021-173134GADQ4 08/24/20161.815700,000.00 700,000.00 700,000.00 691,509.00 08/24/20219674,012.851.90Sub Total / Average2.0753,715,000.00 3,715,000.00 3,715,000.00 3,677,610.6084615,161.2810.10FNMA Step 7/19/2021-173136G3ZZ107/19/20161.733400,000.00 400,000.00 400,000.00 393,648.00 07/19/20219312,700.001.09FNMA Step 7/28/2021-163136G3XY607/28/20161.7821,000,000.00 1,000,000.00 1,000,000.00 985,850.00 07/28/20219408,500.002.72FNMA Step 8/24/2021-173136G3V7708/24/20161.980500,000.00 500,000.00 500,000.00 495,580.00 08/24/20219673,527.781.36Sub Total / Average1.8241,900,000.00 1,900,000.00 1,900,000.00 1,875,078.0094514,727.785.174M Term Series LGIP260421-108/31/20182.1001,500,000.00 1,500,000.00 1,500,000.00 1,500,000.00N/A14.084M Term Series LGIP263853-112/06/20182.3002,200,000.00 2,200,000.00 2,200,000.00 2,200,000.00N/A15.98League of Minnesota Cities - 4M Fund LGIPLGIP5101M11/30/20102.090889,941.93 889,941.93 889,941.93 889,941.93N/A12.42League of Minnesota Cities - 4M LGIPLGIP5204M2017A 06/13/20172.0906,482.39 6,482.39 6,482.39 6,482.39N/A10.02League of Minnesota Cities - 4M Plus Fund LGIPLGIP5101MP 11/30/20102.1503,649,094.88 3,649,094.88 3,649,094.88 3,649,094.88N/A19.93League of Minnesota Cities LGIPLGIP5204MP2017A 09/21/20172.150419,304.18 419,304.18 419,304.18 419,304.18N/A11.14League of Mn Cities LGIPLGIP52054M 07/17/20182.090811,554.10 811,554.10 811,554.10 811,554.10N/A12.21Sub Total / Average2.1669,476,377.48 9,476,377.48 9,476,377.48 9,476,377.4810.0025.78Ansonia CT Bds 4 2/1/2021036519PR102/01/20182.550210,000.00 218,740.20 216,084.65 214,777.50 02/01/20217633,500.000.57Bank Baroda New York 3.55 11/30/202306062R-7R-7 11/30/20183.550245,000.00 245,000.00 245,000.00 244,757.45 11/30/20231,795724.790.67Desert Sands CA ISD 2.852 6/1/2021250433QJ102/01/20182.5781,165,000.00 1,175,100.55 1,172,334.53 1,169,333.80 06/01/20218832,768.823.17Duluth ISD 709 2.35 2/1/2019264471LE111/29/20172.350115,000.00 115,000.00 115,000.00 114,909.15 02/01/2019321,126.040.31Federal Farm CR 2.59 5/30/20243133EHLD307/16/20183.140500,000.00 485,345.00 486,492.80 490,610.00 05/30/20241,9771,079.171.36First Natl Bk Damariscotta 3.5 6/6/2023-1932117B-CQ-9 12/06/20183.500245,000.00 245,000.00 245,000.00 244,970.60 06/06/20231,618595.490.67Iowa Westn Comm2.8 6/1/2023462612SE302/12/20182.800195,000.00 195,000.00 195,000.00 194,639.25 06/01/20231,613455.000.53Kenosha WI2.398 9/1/20194898182S204/03/20171.648470,000.00 478,290.80 472,296.20 468,702.80 09/01/20192443,756.871.28Kentucky Assn of Cntys 2.5 2/1/2021491196YV711/30/20172.051465,000.00 471,379.80 469,199.99 461,052.15 02/01/20217634,843.751.26Medallion Bk Salt Lake City 3.4 12/7/202258404D-CX-7 12/07/20183.400245,000.00 245,000.00 245,000.00 244,691.30 12/07/20221,437555.330.67Metropolitan Council 1.55 9/1/2019591852UY209/01/20171.500425,000.00 425,416.50 425,139.21 421,651.00 09/01/20192442,195.831.16Minnetonka ISD 276 3 2/1/2021604195YF812/18/20172.150260,000.00 266,627.40 264,431.82 260,967.20 02/01/20217633,250.000.71Monmouth OR Bds 2.9 4/1/2023609694FZ201/30/20182.900255,000.00 255,000.00 255,000.00 254,989.80 04/01/20231,5521,848.750.69Monona Wis Ref 3 10/1/2022610100XT109/18/20183.000200,000.00 200,000.00 200,000.00 200,564.00 10/01/20221,3701,716.670.54Moundsview ISD 621 3 2/1/2020620637W4610/19/20171.800300,000.00 308,013.00 303,809.77 300,567.00 02/01/20203973,750.000.82Oak Creek WIS 4 10/1/2023671137-YP-6 11/27/20183.402280,000.00 287,434.00 287,291.12 293,498.80 10/01/20231,7351,057.780.76Robbinsdale ISD - MN 4.6 2/1/20197702647J205/14/20094.6001,000,000.00 1,000,000.00 1,000,000.00 1,001,260.00 02/01/20193219,166.672.72South Lyon MI 2.69 5/1/2022838736VU710/23/20172.250250,000.00 254,702.50 253,466.35 248,952.50 05/01/20221,2171,120.830.68Washington County Housing 4.25 1/1/2020-10937791KN007/01/20104.250245,000.00 245,000.00 245,000.00 247,888.55 01/01/20203665,206.250.67Sub Total / Average2.8927,070,000.00 7,116,049.75 7,095,546.44 7,078,782.8587158,718.0419.23Total / Average2.30436,765,596.75 36,811,646.50 36,791,143.19 36,480,611.84670 129,632.23100FHLB BondFHLMC BondFNMA BondLocal Government Investment PoolMunicipal Bond